Singapore crypto asset exchange launches mobile trading to reach more retail clients

Crypto Fiat BitEx

BitDATA Exchange (BitEx) Singapore has launched a fiat-to-crypto mobile trading platform as the latest step of its plans to attract more retail clients in the city-state.

The homegrown exchange said its new user-centric mobile app, which follows the launch of its BitEx online trading platform ( in July, caters to its rapidly growing client base and further strengthens its position as an emerging, regulated crypto-asset exchange in Singapore.

BitEx Singapore allows clients to trade crypto assets, including Bitcoin, Ethereum & Litecoin.

The company’s two-pronged strategy includes an over-the-counter (OTC) trading desk for institutional partners and high-net-worth investors who require premium services with dedicated relationship managers.

The second half of the strategy is its online trading platform and new mobile app which will allow BitEx to reach a wider retail client base. Users can purchase crypto assets in Singapore dollars as well as make fast deposits and withdrawals on the app.

Ken Wong, BitEx Founder and chief executive, said consumers in Singapore were very sophisticated and the BitEx app is designed to meet their needs.

“We are consistently working towards providing better user experience and optimising the app for fuss-free navigation within one fiat-to-crypto trading platform,” Wong said.

The crypto assets exchange is working closely with other regulated entities, such as Singapore’s e-money issuance service provider Xfers, to build an ecosystem for the fiat-to-crypto platform to scale vertically. There are future plans to develop electronic transactions with crypto-related payment modes.

BitEx was founded in Singapore in October 2019 as a crypto-to-crypto trading start-up, but then swiftly pivoted to the regulator’s requirements after new digital payment services legislation was introduced in 2020.

BitDATA Exchange Singapore has been granted an exemption by the Monetary Authority of Singapore (MAS) from holding a license to provide digital payment token (DPT) services under the 2020 Payment Services Act.

Companies that were already operating regulated activities before the Act, and which have since applied to be DPT service providers in Singapore, are granted an exemption by the MAS to carry on their business while their application is assessed.

Under MAS regulatory guidelines, BitEx has established monitoring and compliance policies to detect unusual or fraudulent activities on its trading platform. It also has stringent on-boarding protocols in place as part of its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policies.

Among the BitEx trading platform’s selling points for retail investors is that the account opening process takes less than 10 minutes, is aligned with regulatory requirements, and once approved, clients can buy their first coin within 24 hours.

BitEx said it would unveil more steps about its Singapore expansion plans in Q4, including hiring various sales, compliance, and analyst roles to support further growth of the business.